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Recession Creates Record Wealth Gap Between Whites and Minorities

Recession Creates Record Wealth Gap Between Whites and Minorities

The Great Recession didn’t just bring us the Tea Party, foreclosures and a return to frugality.  According to the Pew Research Center the Great Recession decimated the net worth of blacks and Hispanics, further widening the wealth divide between whites and minorities.  Up until the housing meltdown, blacks had 10 cents of wealth for every dollar of wealth held by whites. The median wealth of white households is now 20 times that of black households, and 18 times that of Hispanic households.  This gap is the widest that it has been since the government began tracking and publishing its Survey of Income and Program Participation 25 years ago. […]